The much-anticipated Initial Public Offering (IPO) of Groww, officially known as Billionbrains Garage Ventures Ltd, is set to open for subscription on November 4, 2025, and close on November 7, 2025. The company has announced the price band for the IPO, along with other key details, generating significant interest among investors.
Price Band and Valuation
Groww has fixed the price band at ₹95 to ₹100 per equity share, with a face value of ₹2. At the upper end of the price band, the company is aiming for a valuation of approximately ₹61,736 crore (about USD 7 billion).
Issue Size and Structure
The IPO aims to raise ₹6,632.30 crore. The issue is a combination of a fresh issue of 10.60 crore shares aggregating to ₹1,060 crore and an offer for sale (OFS) of 55.72 crore shares aggregating to ₹5,572.30 crore. The OFS involves existing shareholders diluting their stakes, including Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund. The company's promoters — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — collectively hold a 28% stake pre-issue.
Lot Size and Minimum Investment
The lot size for the Groww IPO is 150 shares. Therefore, the minimum investment required for a retail investor is ₹15,000 (at the upper price band of ₹100 per share). Small non-institutional investors (sNII) are required to bid for a minimum of 14 lots (2,100 shares), amounting to ₹2,10,000, while for big non-institutional investors (bNII), it is 67 lots (10,050 shares), amounting to ₹10,05,000.
IPO Timeline and Listing
The IPO opens on November 4, 2025, and closes on November 7, 2025. The allocation to anchor investors is scheduled for November 3, 2025. The finalization of allotment is expected on November 10, 2025, with refunds to unsuccessful bidders on November 11, 2025. Groww's shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 12, 2025.
Grey Market Premium (GMP)
The grey market premium (GMP) for Groww shares is ₹11 per share as of October 30, 2025. This indicates that the shares are trading at a premium in the unofficial market before the IPO. Based on the GMP, Groww shares could potentially list at ₹111 apiece. However, it's important to note that the GMP is not a reliable indicator of listing performance and can be volatile.
Reservation and Objectives
The IPO has reserved not less than 75% of the shares for Qualified Institutional Buyers (QIB), not more than 15% for Non-Institutional Investors (NII), and not more than 10% of the offer for Retail Investors. The net funds raised from the fresh issue will be allocated for cloud infrastructure (₹152.5 crore), brand development and performance marketing (₹225 crore), inorganic growth opportunities, and investments in subsidiaries. Groww Creditserv Technology Pvt. Ltd. (NBFC) will receive ₹205 crore to enhance its capital base, and Groww Invest Tech Pvt. Ltd. will require ₹167.5 crore to support its margin trading facility (MTF) operations.
Financial Performance & Key Strengths
Groww has demonstrated strong financial performance, with a net profit of ₹1,824 crore in FY25, a significant recovery from a loss of ₹805 crore in FY24. Revenues rose 49% year-on-year to reach ₹3,902 crore in FY25. In Q1 FY26, the company recorded revenues of ₹904 crore and a profit of ₹378 crore. As of June 2025, Groww had 12.6 million active clients on the NSE, translating into a 26.3% market share among retail investors.
Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are the lead managers for the issue, and MUFG Intime India Pvt. Ltd. is the registrar.
